When evaluating an ad with a celebrity, a consumer should remember that the celebrity:

Was paid by the manufacturer to appear in the ad

The grace period on a credit card is usually the:

Time before finanace charge is added to what is owed

When using the ATM machine, Melody always:

Locks her doors & leaves the area immediately

Keep money safe and pay interest

Tom needs to deposit his check by 2 p.m. today. Which step is NOT correct?

Ask employer to sign him up for direct deposit

The right to redress means that a consumer has the right to:

A refund/replacement when products don't work properly

Offers some consumer information

What should a consumer do first when he/she has a faulty product?

Return the item to the store where it was purchased

Endorsing a check means:

Signing the back of a check written to you

A salaried employee earns:

Same amount of money each month, regardless of hours worked

Debit cards allow a person to:

Pay for itmes without writing a check

Paying a loan monthly payments means:

Making regular payments toward the cost

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Teen Living Money Management 9.0 & 10.0

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Teen Living 9.0 & 10.0 Teen Living Consumer Management

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Questions 29

Answers

1
When evaluating an ad with a celebrity, a consumer should remember that the celebrity:
Is an expert about the product
Has used the product only once
Was paid by the manufacturer to appear in the ad
Paid the manufacturer to appear in the ad
2
A written or printed record of a purchase is a/an:
Expenditure
Receipt
Budget
Income
3
The ad in the picture is what type of advertisement?
Sex-appeal
Factual
Celebrity
Bandwagon
4
Which is a fixed expense?
Car payment
Clothing
Food
Gas
5
The grace period on a credit card is usually the:
# of payments that can be skipped if it's you can't pay
# of months one agrees to keep a leased car or appliance
Time before finanace charge is added to what is owed
Time to pay off the total amount owed
6
What advertisement would make consumers feel everyone else is buying it so they should also?
Bandwagon
Celebrity
Factual
Sex appeal
7
Which is a want for a family?
Car for parents to get to work
Shelter to live in
A bathroom for every person
Money for food
8
When using the ATM machine, Melody always:
Locks her doors & leaves the area immediately
Waits until she gets off from work at 10:30pm
Removes her card after putting cash in her pocketbook
Takes her time so that few mistakes are made
9
Taylor learned Spanish by taking classes & listening to friends. Heused which resource?
Human
Family
Possessions
Natural
10
Which is a flexible expense?
Mortgage payment
Sales tax
Car payment
Long distance phone bill
11
Net income is the amount of income available:
Before taxes
After taxes
During an entire career
From money given by parents
12
Shopping for the most economical credit usually means looking for this:
Lowest annual percentage rate
Smallest monthly payment
Longest grace period
Longest time to repay the loan
13
Savings accounts:
Keep money safe and charge interest for saving
Keep money on hand to spend at a moment's notice
Keep money safe and pay interest
Help a person manage the money he/she spends
14
Tom needs to deposit his check by 2 p.m. today. Which step is NOT correct?
Sign the backs of the checks he is depositing
Ask employer to sign him up for direct deposit
Take these items to the teller or ATM
List and total the checks and cash he is depositing
15
What is important to consider when opening a savings/checking account at a bank/credit union?
Fees charged
Locations of ATM
Costs of checks
Monthly withdrawals allowed
16
Income is defined as the amount of money someone:
Has to pay his/her bills
Desires to have
Earns & has available to spend
Has to buy the things he/she wants
17
The right to redress means that a consumer has the right to:
A refund/replacement when products don't work properly
Know when the products are being recalled
Speak out when he/she isn't in a good mood
Know the facts about goods and services
18
Product labeling:
Offers some consumer information
Gives no consumer information
Tells the consumer everything about the product
Shows a map of where the product was made
19
What type of resource is money?
nonhuman
human
natural
community
20
What should a consumer do first when he/she has a faulty product?
Complete the registration card and mail it
Call the Better Business Bureau and make a complaint
Ask the store to recall the product and demand reimbursement
Return the item to the store where it was purchased
21
Endorsing a check means:
Balancing the bank statement
Filling out the deposit slip
Withdrawing funds using the ATM
Signing the back of a check written to you
22
A salaried employee earns:
A varied amount of money each month based on amount of work
A base salary plue $5 an hour for extra hours worked
Same amount of money each month, regardless of hours worked
More money than everyone else he/she works with
23
A computer is an example of what kind of resource?
Personal
Spiritual
Material
Community
24
Amount subtracted from total pay on a paycheck is called:
Benefits
Bonus
Deductions
Exemptions
25
Debit cards allow a person to:
Pay for itmes without writing a check
Pay for items when he/she has no money in an account
Earn interest on his/her purchases
Pay for major purchases only
26
A booklet for recording transactions on a checking account is called a/an:
Money order
Register
Deposit slip
Statement
27
If a stereo costs $450 and the store was paid $525 to finance it, what is the extra $75 called?
Loan amount
Principal
Interest
Net profit
28
What check is written but does not appear on a bank statement?
Canceled
Outstanding
Cashier's
Endorsed
29
Paying a loan monthly payments means:
Making regular payments toward the cost
Paying the interest only
Paying as much as possible each month
Making a payment each time the item is used

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